NBAD’s AGM approved in its meeting held on Sunday 20-Mar-2005, the distribution of 40% cash dividends to shareholders, 35% in 2003.
The Chairman presented the bank’s results followed by the external auditors report and a discussion of the financial statements for 2004. Subsequently, an Extraordinary General Meeting was held, which also approved the proposed 10:1 stock split. In 2004 NBAD was the first Bank in UAE to report net profits in excess of 1.1 billion and total assets above AED 56 billion. The Bank earned a return on equity of 25.67% in 2004; the best amongst the large UAE banks.